Question

____ advocated laissez-faire. In contrast, _____ argued that prices and wages were not flexible enough for markets to self-adjust and advocated discretionary fiscal policy.

Answer 1

Classical economist, Keynes

Explanation:

The economist spending time in total economics and the output of the effects. It was developed by the Keynesian economists in 1930 to know about the great depression. This the phenomenon that pulls out the great economy from out of the danger called the great depression. The main aim of this theory is to obtain the performance level of the economy. This is the theory that tells about the new way of thinking.

Thus classical economist advocates Laissez-Faire. On the other hand, Keynes that prices and wages were not flexible enough to make the market self adjust and make the discretionary fiscal policy.